Lagos State Governor Babajide Sanwo-Olu has announced an ambitious goal to boost the contribution of the real estate sector to the state’s Gross Domestic Product (GDP) from its current range of 5-6 percent to a significantly higher 15-20 percent.
Speaking at the inauguration of Victor Alonge as the 26th President and Chairman of the Council of the Nigerian Institution of Estate Surveyors and Valuers in Abuja, Governor Sanwo-Olu called for collaboration to elevate the real estate profession to new heights.
“We all have a role to play in taking this profession to the next level. I urge you to support and encourage your membership, recognising that we’re all on the same team,” he said.
The governor noted that Lagos, which has the largest number of NIESV members in the federation aims to increase its GDP contribution from the real estate sector.
“Our land use charge, though low, has attracted real estate investments and fees. We aim to increase our GDP contribution from 5-6 per cent to 15-20 per cent from the real estate,” he added.
Senate President Godswill Akpabio has urged the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to spearhead efforts to prevent the exploitation of tenants by real estate agents.
Akpabio emphasized the importance of the institution fostering integrity and discipline within the industry.
“I implore you to lead the charge in curbing the exploitation of tenants by real estate agents and establishing integrity and discipline in the industry,” he said.
He commended the institution for its commitment to excellence and its contributions to humanitarian service.
Akpabio congratulated Alonge and his council on their accomplishments, highlighting the significance of collaborations and integrity in advancing sustainable development and prosperity across Nigeria.
“Let us forge a path towards a Nigeria that is just, inclusive, and prosperous for all,” he said.
Alonge reiterated the institution’s pledge towards economic growth and development of the country.
“The message is that our relevance is real, that our role as drivers of economic development is not debatable, neither is it overstated. We would no longer operate from the back seat,” Alonge said.
He emphasized the need for the institution to play a critical role in influencing government policies and formulation, stating, “Henceforth, we must play critical roles in influencing, formulation and implementation of policies which have a direct bearing on our profession. That is a goal we must be fully committed to.”
The institution had earlier promised to develop a template for effective maintenance of housing estate infrastructures in Lagos and across the nation, which will create job opportunities for its members.
